the chinese leadership understands that the economy is slowing down. they've put a program in place, which is starting now. it's probably going to take to the end of the fourth quarter to have this visibly in the economic activity, but other than that, i'm pretty optimistic. >> let's take a quick look at how alcoa shares are responding, down 1.3%. this raises a question, is he still optimistic? but shares are lower. what's your impression? >> i think alcoa is usually kicking off on the season, and although it's really a resource type company and the wider framework of banking is still to come, but it's interesting, the 9% fall in sales. it's an indication of both the contraction we're seeing in growth for the global economy, which is expressed in those figures, and the only way companies continue to meet expectations, which we have to say are pretty low now, to beat expectations is not going to be too difficult. to beat expectations is still being done by trying to squeeze that margin up, keep costs down, and i'm concerned that if we see more figures o